Industry concerned over FSA mortgage 'review'

Chris Cummings, director general of the Association of Independent Financial Advisers (Aifa), says he is worried the FSA will introduce major changes only one year after it began regulating the mortgage industry saying: “The important thing is the FSA does a review rather than an announcement of change.” He points out many firms are still coping with the huge costs of regulation and further changes would be difficult to cope with. Instead, he says he hopes the FSA will “reflect on the good work” firms have done. Cummings admits the FSA mystery shopping exercises have had mixed results ...